InnovationRx is a weekly digest of healthcare news that covers a variety of topics related to the industry. This week’s highlights include the FDA approval of a new treatment developed by Abbott for peripheral artery disease, a condition that affects up to 20 million Americans. The treatment, called Espirit BTK, is a dissolvable stent that delivers a drug to prevent plaque growth in the arteries. Clinical studies showed that this treatment was more effective than the standard of care and reduced the need for amputation.
Gordian Biotechnology, a biotech startup, has developed a new animal screening platform that allows multiple gene therapies to be tested in a single animal. This innovation speeds up the drug development process and reduces the number of animals needed for testing. The CEO of Gordian Biotechnology, Francisco LePort, highlighted the platform’s ability to parallelize the animal testing process and make drug discovery faster and more efficient.
In other pipeline and deal updates, Medtronic received FDA clearance for its new spinal cord stimulator for chronic pain treatment, Enlaza Therapeutics raised $100 million in a series A funding round, Regeneron partnered with Mammoth Biosciences to develop gene editing therapies, Bristol Myers Squibb entered into a research agreement with Repertoire to develop vaccines for autoimmune diseases, and Amae Health raised $15 million in a Series A funding round to treat severe mental illness.
On the flip side, Walmart announced the closure of its in-person clinics and virtual care business due to a lack of a sustainable business model in primary care. This move adds to the challenges facing the retail health clinic model. Other healthcare news includes updates on breast cancer screening recommendations, Pfizer’s decline in profits, challenges from the Federal Trade Commission on pharmaceutical patent listings, Novo Nordisk’s Wegovy returning to stock in limited supplies, and potential legalization of abortion in South Dakota. CVS Health also reported a decline in profits due to higher costs for treating seniors in Medicare Advantage plans.
Lastly, Forbes covers various articles on tax dodges, the richest people in the world in May 2024, and Tesla’s robotaxi pivot. Other publications discuss promising techniques for blood type compatibility, the top venture funding category in Q1, and studies confirming the inactivation of H5N1 bird flu in milk through pasteurization.
